WAILUKU — Former Major League Baseball All-Star Shane Victorino has announced a partnership agreement between his Hawaii cannabis business and a California-based hemp business, a report said.
Victorino's company, Legacy Ventures Hawaii, has partnered with Arcadia Biosciences on Tuesday to grow, extract and sell hemp products beginning later this year, the Maui News reported Thursday.
The partnership, Archipelago Ventures, combines Arcadia's experience and expertise with Legacy Ventures growth and Hawaii knowledge, the newspaper reported.
"We believe hemp has the potential to transform Hawaii's economy — and the lives of its farmers and local communities — by creating an entirely new agricultural segment based on bringing innovation, scientific integrity and investment to the islands," said Victorino, a Maui resident and son of Maui County Mayor Michael Victorino.
The Hawaii Department of Agriculture granted Arcadia a license in March that allows the company to cultivate hemp for research and retail at its 10-acre facility on Molokai, officials said.
Hawaii has unique geographic and climate advantages for growing and harvesting hemp that give companies on the island a long-term advantage against its competitors on the U.S. mainland, scientists said.
"Our new partnership with Legacy not only positions us to lead the rapidly evolving market in producing superior hemp_from seed to extract_but to quickly scale our operations following key regulatory approvals," said Matt Plavan, chief financial officer of Arcadia Biosciences.
As part of the partnership, Legacy's equity partner Vapen CBD will be responsible for construction and operation of the hemp-extraction facilities, which will give Hawaii farmers an opportunity to convert their operations into high-grade CBD hemp production, officials said.
Victorino, an outfielder, was a former All-Star selection, Gold Glove winner and World Series champion with the Philadelphia Phillies and Boston Red Sox. He also played with the Los Angeles Dodgers and Los Angeles Angels.